Background

Bridgepoint was attracted by the
strategic long-term value of CIM's assets in the French oil
sector. CIM's strategy was to continue developing value-added
services for refineries and international operators, and to
increase its storage capacity in refined products in line with the
growth of the French oil market.

CIM was sold in October 2004 to Compagnie
Nationale de Navigation, the French specialist maritime and
helicopter transport group, for an undisclosed sum, giving
Bridgepoint a good return on its investment.